One building is already underway and a second will begin construction soon for a new housing complex for seniors on Detroit’s east riverfront. The second complex will break ground early next year and be open in spring 2014. The new complexes will add to a growing list of new residential and commercial property development happening in Detroit right now.
The development is being funded in part by a significant grant from the U.S. Department of Housing and Urban Development. As a result, the tenants in the complex will be 62 years of age or older and will meet low income requirements set by Housing and Urban Development.
Affordable housing for seniors is an important part of Detroit’s real estate landscape and provides a crucial service to the community. The development company says that they hope to continue to expand the project long into the future. The CEO of the company responsible for the development pointed out that the first two phases are only the beginning for Detroit’s aging population and that the demographic group will grow and more housing will be needed in the area. The senior population in Detroit is expected to increase by about 20 percent by 2035.
As with many new development projects in Detroit, the new complexes will be more than just a great addition to the city for housing purposes. The building projects and the staffing for the buildings will also likely mean more jobs for qualified Detroit residents and hopefully inspire other economic activity in the area surrounding the complexes.
Source: Detroit Free Press, “2nd phase of senior apartments planned in Detroit’s east riverfront district,” John Gallagher, July 3, 2012.